Friday, March 13, 2009

World Bank : the current economic crisis is serious and dangerous

World Bank President Robert Zoellick in London, England, on Thursday (12 / 3) said, the current economic crisis is serious and dangerous. The world economy likely contraction 1-2 percent in 2009. Banking turmoil and the market fears continues to be the cause factors.

"We have never seen numbers like that since World War II, which means that since 1930. So, now this is a time of serious and dangerous, "said Zoellick to the British daily, The Daily Mail, Thursday.

He said that after seeing the Japanese who fall into recession. World, which is the Japanese export market, loss of buying power descend Japanese export products such as cars and electronics. Toyota and Sony incentive reduce the production planning, even cut of the jobs.

Unemployment numbers in the U.S. continues to increase, also in Australia is the highest in the last four years. Output of the industrial sector in China decreasing starting early 2009. News the company loss and also assets owned by the state continues to add pop bad perception of economic problems and this is happen in almost all corners of the world.

Norwegian Central Bank Governor Svein Gjedrem in Oslo, Wednesday, the fund manager owned by the state pensioners have loss 71.5 billion U.S. dollars due plummet of value of investments in shares and securities in the money market and capital market.

Global economic crisis, nickname for the decline of economic activities, as well as impact to African Continent. Exports of natural production from Africa was descend rapidly. On the other hand aid from developed countries to the poorest countries, most in Africa, also drop and this situation threatens the poorest people in Africa.

In the middle of the scowl, only Jamie Dimon, JPMorgan Chase & Chair Co. in Washington, United States, on Wednesday, said the recovery has been begun. He said one of the reasons is bond market starting to active, which means that investors are willing to buy debt letter.

However, the Governor of Central Bank of the United States Ben Bernanke, on Thursday in Washington, asserts that the U.S. banking system facing worst crisis since 1930-an. The banking system paralyzed with a series of bankruptcy that makes banks reluctant to provide credit and economic stalemate.

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